Autonomic Materials, Inc. (AMI) Completes Series B Financing Led By $2.4M Investment From Phoenix Venture Partners
October 9, 2012
Funding will accelerate product commercialization and strategic partnerships
Sunnyvale, CA (October 9, 2012) – Autonomic Materials, Inc. (AMI), the worldwide leader in the commercialization of microencapsulated self-healing additives for high-performance coatings, has raised $2.4M in Series B financing to complete its total $3.9M Series B round of funding. Phoenix Venture Partners (PVP), a venture capital firm with significant domain expertise in advanced materials innovation and entrepreneurship, led the investment. Proceeds will be used to complete product commercialization of AMI’s self-healing coatings additives for multiple applications and to expand numerous on-going strategic development partnerships.
“AMI is pleased to welcome PVP to the AMI investor team. PVP is a true value add investor and a great strategic fit for AMI as we continue our commercialization ramp up in high- performance coatings and initiate new self-healing solutions in the areas of adhesives and sealants,” said Joe Giuliani, CEO at AMI.
AMI provides a breakthrough solution targeting the $500 billion annual cost of worldwide corrosion-related damage. AMI’s technology adds self-healing protection to critical, high value metal structures which are exposed to harsh environmental conditions. The microencapsulated self-healing agents deliver an automatic healing response precisely when required; immediately at the time and site of damage, and without the need for human intervention. The systems are designed to lengthen coating lifetimes, thereby reducing maintenance and substrate replacement costs, while limiting the downtime associated with recoating. By healing potential corrosion-producing damage before corrosion occurs or progresses, the scope and cost of scheduled maintenance is significantly reduced and assets remain operational for extended periods.
“AMI’s technology is a potential game changer for the coatings industry and beyond,” said Dr. Zach Jonasson, General Partner at Phoenix Venture Partners. “The additive formulations being developed at AMI confer first-ever commercially feasible self-healing functionality for high performance coating chemistries, a $10 billion worldwide market. PVP is looking forward to working with AMI to help accelerate AMI’s product commercialization with a broad set of industrial partners.” In conjunction with the financing, Dr. Jonasson of PVP will join the company’s Board of Directors.
About Autonomic Materials, Inc.
AMI is the worldwide commercial leader in polymer-based, self-healing systems for high-performance coatings, adhesives and sealants. The company holds the exclusive rights to the patented technology developed by the Autonomous Materials Systems (AMS) group at the Beckman Institute, at the University of Illinois at Urbana-Champaign. Product development, formulation refinement, and commercialization is ongoing with both, manufacturers and end-users targeting effective solutions to combat corrosion in a wide range of applications.
About Phoenix Venture Partners
Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough materials science innovations. PVP’s team has a track record of founding, building and investing in successful materials science start-ups. The firm’s investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and innovation interests. PVP is based in Silicon Valley with satellite offices in Singapore and Cambridge, MA.